Solar Panel Price A Guide for Indian Homes (2024)
Sneha Gurav
May 20, 2024 0 Comment

The sun is a powerful source of clean energy right above you! But let’s be honest, the initial cost of a solar panel system can be a bit daunting.

This guide is here to shed some light on the factors influencing solar panel system prices in India. With this knowledge, you can make an informed decision about whether solar power is right for you.

Type & Price for Solar Panel for Home

The heart of your solar system is the panel itself, and there are three main options to choose from:

Monocrystalline Solar Panels: These are high-efficiency ratings of 17% to 22%, monocrystalline solar panels come with a heavy price tag. The average cost of this solar panel type is Rs. 43 to Rs. 63 per watt.

Polycrystalline Solar Panels:  Polycrystalline-based PV panels have a low per-panel manufacturing cost, making them the most affordable option for consumers. Although less efficient (15% to 17%) than mono panels, poly panels cost Rs. 30 to Rs. 36 per watt.

Bifacial Solar Panels:  A bifacial solar panel has solar cells on both its front and back sides, enabling it to generate high amounts of solar electricity. With an efficiency rating of 20% and higher, bifacial solar panels cost Rs. 37 to Rs. 52 per watt.

Solar Panel Installation Cost in India

Solar System Size Price Range (Estimated)
1kW Solar SystemRs. 65,000
2kW Solar SystemRs. 1,30,000
3kW Solar SystemRs. 1,80,000
4kW Solar SystemRs. 2,40,000
5kW Solar SystemRs. 2,75,000
10kW Solar SystemRs. 5,00,000

Factors that Influence the Solar Panel Costs

  • Solar Panel Efficiency and Type:

The more efficient they are, the more electricity they can generate. However, this efficiency comes at a price. Monocrystalline panels, renowned for their high efficiency, often cost a premium compared to their polycrystalline or bifacial counterparts.

  • System Capacity:

Size matters when it comes to solar power systems. The capacity of your system is directly correlated with your energy consumption needs. Larger systems designed to power extensive households or commercial spaces naturally incur higher upfront costs.

  • Inverter Type:

Think of inverters as the brains behind your solar setup. While string inverters offer a cost-effective solution, microinverters steal the spotlight with their superior performance, especially in scenarios plagued by shadow issues.

  • Quality of Components:

From panels to inverters and batteries, the durability and efficiency of your components directly impact the system’s performance over its lifespan. While high-quality equipment may incur initial costs, the long-term benefits outweigh the investment.

  • Government Subsidies and Incentives:

Sweetest part of government support! In India, various schemes and incentives at both state and central levels aim to make solar adoption more accessible and affordable.

  • Installation Charges:

Last but certainly not least, let’s talk installation. From labour to equipment and everything in between, installation charges encompass the nuts and bolts of bringing your solar vision to life. Opting for reputable installers ensures a seamless process, minimising the risk of unforeseen expenses down the line.

Additional costs to consider

  • Maintenance:

Maintenance costs for a solar system can range from Rs.1000 to Rs.3000 per kW, depending on the type and size of the system. This may include routine inspections, repairs, and replacement of parts as needed to ensure optimal performance and longevity.

  • Cleaning:

Cleaning your solar panels is important to maintain their efficiency. The cost of cleaning services can range from Rs.1000 to Rs.2000 Rs per kW, depending on the frequency of cleaning and the size of your system.

How can I Pay for Solar?

  • Cash Upfront

This is the most straightforward approach. You pay for the entire solar system upfront. You instantly own the system and reap all the energy savings.

  • Solar Loan

Don’t let the initial price tag hold you back! Solar loans are like having a superhero on your side. Spread the cost of your system over time with easy to manage monthly payments.

Bonus: Credit Fair can be your finance partner and provide you with easy EMI options! You can apply directly through www.creditfair.in and start installing your solar system today.

This is a great way to start saving on your electricity bills right away but keep in mind you won’t own the system at the end of the agreement.

A little planning goes a long way! Consider your budget, and long-term goals, and get your dream solar setup for your home!